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Environmental Sustainability in the Fashion Industry – Geneva Environment Network

The Environmental Cost of Fashion

The fashion industry represent an important part of our economies, with a value of more than 2.5 trillion $USD and employing over 75 million people worldwide. The sector has seen spectacular growth over the past decades, as clothing production doubled between 2000 and 2014. While people bought 60% more garments in 2014 than in 2000, they only kept the clothes for half as long (McKinsey & Company, 2016).

While the fashion sector is booming, increasing attention has been brought to the impressive range of negative environmental impacts that the industry is responsible for. Fashion production makes up 10% of humanity’s carbon emissions, dries up water sources, and pollutes rivers and streams. What’s more, 85% of all textiles go to the dump each year (UNECE, 2018), and washing some types of clothes sends significant amount of microplastics into the ocean.

The Environmental Footprint of Fast Fashion

  • The equivalent of one garbage truck full of clothes is burned or dumped in a landfill every second (UNEP, 2018)
  • Approximately 60% of all materials used by the fashion industry are made from plastic (UNEP, 2019)
  • 500,000 tons of microfibers are released into the ocean each year from washing clothes — the equivalent of 50 billion plastic bottles (Ellen MacArthur Foundation, 2017)
  • The fashion industry is responsible for 8-10% of humanity’s carbon emissions – more than all international flights and maritime shipping combined (UNEP, 2018). If the fashion sector continues on its current trajectory, that share of the carbon budget could jump to 26% by 2050 (Ellen MacArthur Foundation, 2017)
  • Some 93 billion cubic metres of water – enough to meet the needs of five million people – is used by the fashion industry annually, contributing
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Secondhand clothing on track to take 10% of global fashion sales | Retail industry

Secondhand clothing sales are on track to make up a tenth of the global fashion market next year, as the cost of living crisis and concerns over sustainability drives consumers towards “pre-loved” garments.

Global sales of pre-owned clothes surged by 18% last year to $197bn (£156bn) and are forecast to reach $350bn in 2028, according to a report by GlobalData for resale specialist ThredUp. The landmark is expected to be reached a year later than predicted, as global growth remains slightly behind previous estimates.

However, the US secondhand market grew seven times faster than overall fashion retail where sales were flat in 2023 from a year earlier.

A screenshot from Depop’s explore page. Photograph: Depop

James Reinhart, the co-founder and chief executive of ThredUp, said the resale sector had continued to grow in a tough market because it was “more resilient” when household budgets were squeezed by higher energy and food bills.

“When consumer sentiment is softer, value is key,” he said. “People are looking to shop secondhand to drive more value.”

He said that interest in secondhand items was not just limited to younger shoppers searching for fashionable finds but was starting to “span generations”.

The report found that more than half of all shoppers had bought something secondhand in the past year – although that rose to 65% of generation Z and millennials – those aged between 12 and 43. Almost two in five – 38% of consumers – said they shop secondhand to afford higher end brands.

For young people, the trend is being driven by the ease of digital secondhand shopping at sites such as Vinted and Depop, as well as ThredUp, with online resales expected to more than double in the next five years to reach $40bn.

Tens of thousands of garments stored on a
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Ultra-fast fashion is a disturbing trend undermining efforts to make the whole industry more sustainable

Since the 1990s, fast fashion has enabled everyday people to buy the latest catwalk trends. But the sheer volume of garments being whipped up, sold and soon discarded is contributing to a global sustainability crisis.

Now, just when the fashion industry should be waking up and breaking free of this vicious cycle, it’s heading in the opposite direction. We’re on a downward spiral, from fast fashion to ultra-fast fashion. The amount of natural resources consumed and waste produced is snowballing.

Ultra-fast fashion is marked by even faster production cycles, blink-and-you’ll-miss-it trends, and poor labour practices. Brands like Shein, Boohoo and Cider are liberated from the concept of seasonal collections. Instead they are producing garments at breakneck speeds and self-generating microtrends such as balletcore, Barbiecore and even mermaidcore. At the same time there is limited transparency or accountability around clothing supply chains.

The overproduction and consumption of clothing cannot be allowed to continue. Without change, the industry will account for 26% of the world’s carbon budget for limiting global warming to 2°C by 2050. The fashion industry must take responsibility for its actions. Policymakers also have an important role to play in enabling the necessary shift towards a more responsible and circular fashion economy. And let’s not forget the power of consumers.

The dark side of Shein’s success (China Tonight, ABC News)



Read more:
To make our wardrobes sustainable, we must cut how many new clothes we buy by 75%

Cheap clothing at what cost?

It was once thought the pandemic would trigger a transition to a more sustainable fashion industry. Unfortunately in reality the industry is getting worse, not better.

Most ultra-fast fashion brands emerged in the late 2010s following the most well known, Shein, founded in 2008. These online, direct-to-consumer brands exploded in popularity during

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Should You Hold High Tide Inc (HITI) in Health Information Services Industry?

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Monday, January 29, 2024 01:02 PM | InvestorsObserver Analysts

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Should You Hold High Tide Inc (HITI) in Health Information Services Industry?

High Tide Inc (HITI) is near the top in its industry group according to InvestorsObserver. HITI gets an overall rating of 80. That means it scores higher than 80 percent of stocks. High Tide Inc gets a 98 rank in the Health Information Services industry. Health Information Services is number 108 out of 148 industries.

Overall Score - 80
HITI has an Overall Score of 80. Find out what this means to you and get the rest of the rankings on HITI!

What do These Ratings Mean?

Finding the best stocks can be tricky. It isn’t easy to compare companies across industries. Even companies that have relatively similar businesses can be tricky to compare sometimes. InvestorsObserver’s tools allow a top-down approach that lets you pick a metric, find the top sector and industry and then find the top stocks in that sector.

These scores are not only easy to understand, but it is easy to compare stocks to each other. You can find the best stock in an industry, or look for the sector that has the highest average score. The overall score is a combination of technical and fundamental factors that serves as a good starting point when analyzing a stock. Traders and investors with different goals may have different goals and will want to consider other factors than just the headline number before making any investment decisions.

What’s Happening With High Tide Inc Stock Today?

High Tide Inc (HITI) stock is trading at $1.90 as of 12:33 PM on Monday, Jan 29, a decline of -$0.02, or -1.04% from the previous closing price of $1.92. The stock has traded between $1.88 and $1.94 so far today. Volume today is light. So far 136,894 shares have

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‘Textile zombie’ v fossil fashion: the battle to clean up the clothing industry in 2023 | Fashion

The year 2023 has been one of hyper-fast fashion, extreme price tags (both high and low), and toxic spills of polyester clothing. It was the year the zombie in the room – the sheer volume of clothing we are producing and buying – took on a life of its own.

The connection between fossil fuels and the synthetics in our clothes really hit home. “Fossil fashion is at the core of many of fast fashion’s worst problems: cheap materials, over-reliance on synthetics, a spiralling waste crisis and spiking emissions,” said Fossil Fuel Fashion, a new organisation that launched at New York Climate Week in September, bringing together a coalition of organisations aiming to phase fossil fuels out from the industry.

Fossil-fuel based polyester is cheap and is the fibre of choice for hyper-fast fashion, which has continued to dominate the market, despite a torrent of criticism in June after the leading producer, Shein, paid for six fashion influencers to travel to their factories in China. The influencers then posted glowing reviews from behind the scenes and the $66bn fashion brand continues to seduce us into buying clothes we didn’t know we wanted and definitely don’t need. The race to the bottom has only just begun, however. The Chinese shopping app Temu, which is giving Shein a run for its money, with its “lightning” 99% discount deals, has been downloaded more than 7m times since it launched in the UK in April.

Justine Aldersey-Williams models her jeans Credit: Raw Photography
Justine Aldersey-Williams models her jeans. Photograph: Raw Photography

But it hasn’t all been bad news. The link between farming and fashion has never been more talked about; “regenerative” is one of the year’s biggest buzzwords. As Safia Minney, founder of Fashion Declares, which is calling for radical change in the industry, explains, fashion is not just

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Guardians of Healthcare: Ty Greenhalgh of Claroty Discusses the Rising Costs and Solutions for Cybersecurity in the Medical Industry

What is Claroty? 

“Claroty is a cybersecurity company that protects industrial control networks from cyberattacks. We’re committed to protecting the cyber-physical systems across various organisations. In the healthcare sector, we focus on ensuring patient safety while maximising the advantages of medical device connectivity through comprehensive monitoring and risk management. 

“We also provide specialised support to industrial, commercial and public sectors. Our ultimate goal is to secure the Extended Internet of Things across all these sectors.”

 

What has caused the cost of cyberattacks on healthcare to rise? 

“Healthcare is increasingly in the crosshairs of cybercriminals, who aim to acquire sensitive information and create widespread chaos. 

“Cybercriminals want to steal: 

  • Crucial patient records
  • Employee details
  • Financial information. 

“This data, particularly Protected Health Information (PHI), is a hot commodity in the underworld of the dark web. It serves as a springboard for targeted cyber-attacks, financial scams and extortion schemes. According to our recent report, nearly 30% of healthcare organisations that fell victim to a cyber incident in the past year had their PHI compromised. 

“Cyber-attacks in the healthcare sector impact not just the finances but also operational efficiency and patient care. Immediate expenses such as ransom payments and the cost of remedial actions are merely the starting point. Our research indicates that over one-third of the affected organisations incurred costs surpassing US$1m. The IBM Cost of a Breach survey suggests that the average cost is US$11m in 2022, 50% over the critical infrastructure average. 

“Operational disruptions also contribute significantly to the overall cost. Our findings show that 60% of cyber incidents had a moderate to severe impact on healthcare operations. Attacks targeting essential IT systems—like patient record databases and appointment scheduling platforms—can lead to extensive service interruptions and appointment cancellations.”

 

What can be done to protect healthcare? 

“Strengthening cyber resilience in healthcare

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Should You Accumulate Talkspace Inc (TALK) in Health Information Services Industry?

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Thursday, September 21, 2023 10:29 AM | InvestorsObserver Analysts

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Should You Accumulate Talkspace Inc (TALK) in Health Information Services Industry?

Talkspace Inc (TALK) is around the top of the Health Information Services industry according to InvestorsObserver. TALK received an overall rating of 64, which means that it scores higher than 64 percent of all stocks. Talkspace Inc also achieved a score of 90 in the Health Information Services industry, putting it above 90 percent of Health Information Services stocks. Health Information Services is ranked 103 out of the 148 industries.

Overall Score - 64
TALK has an Overall Score of 64. Find out what this means to you and get the rest of the rankings on TALK!

What do These Ratings Mean?

Analyzing stocks can be hard. There are tons of numbers and ratios, and it can be hard to remember what they all mean and what counts as “good” for a given value. InvestorsObserver ranks stocks on eight different metrics. We percentile rank most of our scores to make it easy for investors to understand. A score of 64 means the stock is more attractive than 64 percent of stocks.

These scores are not only easy to understand, but it is easy to compare stocks to each other. You can find the best stock in an industry, or look for the sector that has the highest average score. The overall score is a combination of technical and fundamental factors that serves as a good starting point when analyzing a stock. Traders and investors with different goals may have different goals and will want to consider other factors than just the headline number before making any investment decisions.

What’s Happening With Talkspace Inc Stock Today?

Talkspace Inc (TALK) stock is up 1.72% while the S&P 500 is lower by -0.76% as of 10:21 AM on Thursday, Sep 21.

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Is High Tide Inc (HITI) Stock at the Top of the Health Information Services Industry?

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Wednesday, September 13, 2023 11:10 AM | InvestorsObserver Analysts

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Is High Tide Inc (HITI) Stock at the Top of the Health Information Services Industry?

A rating of 100 puts High Tide Inc (HITI) near the top of the Health Information Services industry according to InvestorsObserver. High Tide Inc’s score of 100 means it scores higher than 100% of stocks in the industry. High Tide Inc also received an overall rating of 78, putting it above 78% of all stocks. Health Information Services is ranked 114 out of the 148 industries.

Overall Score - 78
HITI has an Overall Score of 78. Find out what this means to you and get the rest of the rankings on HITI!

What do These Ratings Mean?

Trying to find the best stocks can be a daunting task. There are a wide variety of ways to analyze stocks in order to determine which ones are performing the strongest. InvestorsObserver makes the entire process easier by using percentile rankings that allows you to easily find the stocks who have the strongest evaluations by analysts.

These scores are not only easy to understand, but it is easy to compare stocks to each other. You can find the best stock in an industry, or look for the sector that has the highest average score. The overall score is a combination of technical and fundamental factors that serves as a good starting point when analyzing a stock. Traders and investors with different goals may have different goals and will want to consider other factors than just the headline number before making any investment decisions.

What’s Happening With High Tide Inc Stock Today?

High Tide Inc (HITI) stock is trading at $1.86 as of 11:10 AM on Wednesday, Sep 13, a rise of $0.12, or 6.61% from the previous closing price of $1.74. The stock has traded between $1.74 and $1.86 so

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Kenyan designers make fashion statement against textile waste | Fashion Industry

Nairobi, Kenya – The dawn barely colours the sky with a soft hue of gray when traders at Gikomba, the largest secondhand market in East Africa, start arranging their merchandise on low wooden stalls. Thrift clothes they buy by weight in large sealed plastic bundles are carefully sorted by category. A pile of jeans. A pile of tennis shoes. Bras of various colours and sizes hanging neatly in a row.

Despite the early hour, the narrow Kenyan market alleys swarm with people, and vendors scream over each other, touting their merchandise. The suspense rises when a trader opens a new package. Shoppers flock around, hunting for “cameras”. “Pieces that look like clothes you would see in a magazine or on TV. That deserve to be filmed on camera,” explained Isichy Shanicky, a 21-year-old designer at the Maisha by Nisria Collective.

Like millions of Kenyans, she knows how to navigate the labyrinths of Gikomba effortlessly, following its unwritten rules.

“Come early. You want to be there when a new package is opened,” she said. “Dress down. The vendor will look at you to determine the price. If you see a piece you like, hold onto it. Or someone else will claim your precious find.”

Shopping secondhand is so popular it has developed its own vocabulary and etiquette.

Secondhand clothes shipped from abroad account for a large sector of the Kenyan economy. In 2021, the country imported $169m worth of them.  The Gikomba market alone provides employment to about 65,000 people. Critics said it comes at the expense of the home textile industry, which struggles to compete, and the environment.

Kenya fashion
Mounds of unsold secondhand clothing that is damaged or worn-out is discarded on the shores of the Nairobi River outside Gikomba market. [Alyona Synenko/Al Jazeera]

Nicholas Kilonzi made his career at Gikomba.

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Is Schrodinger Inc (SDGR) Stock at the Top of the Health Information Services Industry?

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Monday, August 07, 2023 12:37 PM | InvestorsObserver Analysts

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Is Schrodinger Inc (SDGR) Stock at the Top of the Health Information Services Industry?

Schrodinger Inc (SDGR) is around the top of the Health Information Services industry according to InvestorsObserver. SDGR received an overall rating of 65, which means that it scores higher than 65 percent of all stocks. Schrodinger Inc also achieved a score of 97 in the Health Information Services industry, putting it above 97 percent of Health Information Services stocks. Health Information Services is ranked 117 out of the 148 industries.

Overall Score - 65
SDGR has an Overall Score of 65. Find out what this means to you and get the rest of the rankings on SDGR!

What do These Ratings Mean?

Finding the best stocks can be tricky. It isn’t easy to compare companies across industries. Even companies that have relatively similar businesses can be tricky to compare sometimes. InvestorsObserver’s tools allow a top-down approach that lets you pick a metric, find the top sector and industry and then find the top stocks in that sector.

These scores are not only easy to understand, but it is easy to compare stocks to each other. You can find the best stock in an industry, or look for the sector that has the highest average score. The overall score is a combination of technical and fundamental factors that serves as a good starting point when analyzing a stock. Traders and investors with different goals may have different goals and will want to consider other factors than just the headline number before making any investment decisions.

What’s Happening With Schrodinger Inc Stock Today?

Schrodinger Inc (SDGR) stock has fallen -8.85% while the S&P 500 is up 0.61% as of 12:36 PM on Monday, Aug 7. SDGR is down -$3.52 from the previous closing price of $39.76 on volume of

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